CONSTANTINE
CLOSES $2.25 MILLION FLOW-THROUGH SHARE FINANCING
March 18, 2011
Constantine Metal
Resources Ltd. (TSX Venture- CEM) ("Constantine" or the
"Company") is pleased to announce that its previously announced
brokered private placement has closed. The financing consisted of the sale of
7,500,000 flow-through common shares issued at a price of $0.30 per share for
gross proceeds of $2,250,000.
Primary Capital Inc.
acted as the Agent for the transaction with Fraser Mackenzie Limited acting
as a sub-agent.The Company issued 450,000 share purchase warrants,
exercisable at a price of $0.30 per share for a period of 24 months from the
date of closing, and paid $135,000 to the Agent in consideration of the
Agent�s services in the private placement.
All of the above
securities are subject to a four-month plus one-day hold period expiring July
18, 2011 in accordance with applicable securities laws and stock exchange
rules.
The Company intends to
use the proceeds of the financing for Canadian exploration expenditures (CEE)
on the Company�s Yukon mineral claims and the Munro Croesus gold project,
which hosts the past producing high grade Croesus Gold Mine located east of
the Timmins gold camp.
About the Company
Constantine is a gold and
copper exploration company with multiple active projects located in premier
North American exploration environments. These are highlighted by the 100%
owned Palmer Project, where Constantine has discovered a new
copper-zinc-silver-gold deposit in a very accessible part of southeast
Alaska, and the Munro-Croesus Project, that includes a past-producing mine
property that yielded some of the highest grade gold ever mined in Ontario.
The Palmer Project is host to a National Instrument 43-101 compliant 4.12
million tonne inferred resource grading 2.01% copper, 4.79% zinc, 0.30 g/t
gold and 31 g/t silver (using an NSR cut-off of US$75/t; see news release
dated January 20, 2010) that is open to expansion.
Constantine controls a
major land position in an emerging new Carlin-type gold district in Yukon
that is part of a 50/50 joint venture with Carlin Gold Corporation, and
recently optioned its Trapper Gold Project in northern British Columbia to
Ocean Park Ventures Ltd., which is committed to spend a minimum $750,000 this
year as part of its $4.75 million 50% earn-in. The drill ready Trapper Gold
Project hosts a +2000 meter long by 200 meter wide gold-arsenic soil anomaly
with values up to 8.6 g/t gold (see news release dated November 30, 2010). In
addition, Constantine has a 100% interest in the large, 8300 hectare, Phoenix
Gold project in the active Shining Tree gold area, Ontario and a 100%
interest in the newly acquired Hornet Creek gold-copper-barite prospect in
west-central Idaho.
Please visit the
Company�s website (www.constantinemetals.com) for more detailed company and
project information.
On Behalf of Constantine Metal Resources Ltd.
�Aris Morfopoulos�
Chief Financial Officer
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: bob@constantinemetals.com or Email: info@constantinemetals.com
or
Jim MacDonald, Torrey Hills Capital
Phone: 858-456-7300
Email: jm@sdthc.com
www.constantinemetals.com
Darwin Green P.Geo, Vice President for Constantine
Metal Resources Ltd. and a qualified person as defined by Canadian National
Instrument 43-101, has reviewed and approved the technical information
contained in this release.
Forward looking statements: This news release
includes certain �forward-looking information� within the meaning of Canadian
securities legislation and "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
(collectively "forward looking statements").� Forward-looking
statements include predictions, projections and forecasts and are often, but
not always, identified by the use of words such as �seek�, �anticipate�,
�believe�, �plan�, �estimate�, "forecast", �expect�,
"potential", "project", "target",
"schedule", budget" and �intend� and statements that an event
or result �may�, �will�, �should�, �could� or �might� occur or be achieved
and other similar expressions and includes the negatives thereof. All
statements other than statements of historical fact included in this release,
including, without limitation, statements regarding the use of proceeds of
financings, potential mineralization, interpretation of prior exploration and
potential exploration results, the timing and success of exploration
activities generally, the timing and results of future resource estimates,
and future plans and objectives of the Companies are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statements. Forward-looking statements are based on a number of
material factors and assumptions. Important factors that could cause
actual results to differ materially from Companies� expectations include
actual exploration results, changes in project parameters as plans continue
to be refined, results of future resource estimates, future metal prices,
availability of capital and financing on acceptable terms, general economic,
market or business conditions, uninsured risks, regulatory changes, defects
in title, availability of personnel, materials and equipment on a timely
basis, accidents or equipment breakdowns, delays in receiving government
approvals, unanticipated environmental impacts on operations and costs to
remedy same, and other exploration or other risks detailed herein and from
time to time in the filings made by the Companies with securities
regulators. Although the Companies have attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward-looking statements, there may be other factors
that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements
will prove to be accurate and accordingly readers are cautioned not to place
undue reliance on forward-looking statements.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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